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Auto loans Should Include Gap Protection

There are some risks whenever borrowers get auto loans that they do not appear, to consider that really might be of interest. When you are sitting in work of the loan representative and they’re talking about the little extra supplies that you should consider, don’t let yourself be so fast to tell these that you need nothing more. You might like to entertain the idea of getting some type of gap protection. This can be part of your loan package and should really be considered especially if you take a longer term loan.

What goes on to auto loans once the car that the loan had been taken out for will get stolen or is broken beyond use in a car accident? Unless you have taken one impressive measures you will still have to pay off that loan. When the insurance company only pays off out partially on what you borrowed in line with the value of the car at the time is was ripped off or wrecked, then you will still have a large credit card debt and no car to operate a vehicle. If you look at it from a money point of view say an individual borrowed twenty five thousands of and a year later your car was ripped off. What if the insurance business said it was only really worth fifteen thousand during the time? That would leave you with the debt of ten thousand dollars that you would must pay even if you never observed your car again.

Auto loans with gap protection will save you a lot of misery. Some people think of it as insurance, other folks feel that it is just a wise loan option. This is especially a great choice for those who are not putting any of their own money down on an auto loan but are using only the banks funds. Several financial companies will require this option as it safeguards them as well as you. Either way when you are ready to be lent money to finance the purchase of a new vehicle seriously consider gap protection to help make certain you do not get stuck having to pay on a car you no longer have.

Comments: 69

  1. Yetta February 23, 2013 at 1:40 am Reply

    I am trying to get an auto loan but there are some negitives on my credit. I am trying to get them off. How hard is it to get a brand new car with bad credit?

  2. Tyree March 7, 2013 at 11:11 am Reply

    Banks almost exclusively require an auto loan be applied to a vechicle 5-7 years old or newer. Does anyone know of online lenders who will lend for an older model vehicle? We’re still talking about valuable cars, valued in the $7000-10000 range.

  3. Jaimee April 11, 2013 at 1:21 am Reply

    I’m interested in a private loan company that specializes in bad credit auto loans. I do not want the type of loan where they refer you to 20 different dealers. I already have a vehicle in mind through a private seller. How can I just get a bad credit auto loan that has no referrals for dealers???

    Scotts Lisa, you’re a SCAM artist! Let me guess you’re in Nigeria too, right??

  4. Deedee April 13, 2013 at 8:16 pm Reply

    I just recieved an auto loan through a dealership for a new car that I recently purchased but yet I still cannot get approved for a credit card… How is this? I dont mean one of the worthless prepaid credit cards I mean an actual credit card.

  5. Deedee June 14, 2013 at 5:36 am Reply

    I am about to buy a 2003 Honda Civic from my uncle for approximately $10,000. I had intentions of putting down 5,000 or 6,500 dollars (depending on what I sell my current car for) and take out a small auto loan for the remaing 3,500 or 5,000 for about 36 months.

    The rates I am finding are not as good as I would have hoped, through no fault of my own. I am 24 and haven’t done anything that would have given me bad credit. I pay back all my bills and whatnot.

    Am I better off just buying the car outright (I can afford it) or taking out a loan for the sake of taking out a loan. I’ve heard a few times that a small loan really helps your credit.
    So put down 5,000, take out the 5,000 loan amount, put 5,000 in a savings account and let the loan cycle? What does that mean.

  6. Salvatore June 25, 2013 at 11:33 pm Reply

    I know the specifics of the Auto Loan like the essential information about the applicant. I want to know how they decide on the loan.


  7. Harriette September 17, 2013 at 2:50 am Reply

    I have been with my job for 5months and want to continue there, but I can’t unless I get an auto loan so I can get a car and keep my job. Also my credit is poor. Where should I turn to?

  8. Sharron September 22, 2013 at 12:02 am Reply

    I recently bough a new truck, and when they did a credit check, they said my score was a 628, when I got home I checked all three credit scores, and they were all above 720. So I called the dealer, and they said that auto loans were calculated differently???? Is this true?

  9. Kimiko September 27, 2013 at 4:54 pm Reply

    I am upside down $14,000 between two auto loans. basically i owe just about as much as both cars are worth. I am trying to break even, and just get rid of both vehicles as trade ins for ONE car. I have looked at $30k cars for a payment of 900 a month, $24k for 600 a month.. obviously the lower i go the less payment.. but i am assuming that when i get to around an $8k car i wont have a payment..? or maybe a lower priced car for no payment? i understand the car will be of less quality, im just trying to get out of a bad situation i put myself in. anyone with experience in this please help me out, if it makes sense.

  10. Jerry September 27, 2013 at 5:13 pm Reply

    The lease is up on my vehicle, and I need to get into a new auto loan (or lease). The car I am looking at has a sticker of 22,000.00 My credit score is about 630-640 and the person who is co-signing with me is about 660-670. I am not sure if I am going to put a down payment (if so it will be a low one). Is it going to be easy or difficult for me to get a loan in this economy? Any ideas?

  11. Shelba October 26, 2013 at 1:08 am Reply

    Suppose I get a $10k auto loan. Can I deposit the blank check given to me from the bank into my checking account and invest the proceeds? (I know the annual return on the investment must exceed the loan interest rate to make any profit.)

  12. Dave November 1, 2013 at 3:44 pm Reply

    I may have bad credit. I just want to get an auto loan so I can drive again.

  13. Warner November 1, 2013 at 3:44 pm Reply

    I am trying to help a friend. I do not want to be nosey and ask her what her credit rating is, excellent, good, poor, but I was wondering if there is a certain amount of percentage points that are suppose be added to the national auto loan rates that I found online. I beleive the national auto loan rates is based on good-excellent credit rating, right?
    Thanks for your help. It is greatly appreciated.

  14. Brett November 5, 2013 at 12:24 am Reply

    I have found a great deal on a car, and am looking to borrow around $2000. I am currently a college student, who has no credit or a high income. So far, I think that with my current income, $2000 would be manageable to payback. I do not want to get sucked into scams. What are some good student auto loans available?

  15. Britany November 5, 2013 at 12:25 am Reply

    I have had two checking and two savings accounts with Bank of America for a couple of years and thought I should look into their auto loans prior to going to a dealer. I am wondering though if they are able to look at actual transactions or just view balances when doing the credit check. I assume any other place wouldn’t have access but since my account is with them is that something they may do?

    Any info would be great!

  16. Rochelle November 6, 2013 at 7:21 pm Reply

    Hi I am really in need of transportation and was wondering if a Credit Union would be the best way to go for an auto loan. I am 19 years old and don’t have the most established credit but all I am looking for is $4,500 and I will have $1,000 for a down payment. Does anyone even offer auto loans that small or would I have to look into a different kind of loan?

    Thank You.

  17. Serina November 6, 2013 at 8:22 pm Reply

    I have a current auto loan with a fico score of 697. My interest rate is 11% for 72-months. I am looking to refinance this auto loan.

  18. Marshall December 16, 2013 at 11:05 pm Reply

    Like when banks lend for auto loans, how does it usually work with a private party? Most people would want cash, would the bank give you the cash to purchase the vehicle.

    I know it probably differs, what is the typical process though?

  19. Evie December 18, 2013 at 10:15 pm Reply

    Right now my credit rating is a little over 800. The only things in my credit history are 2 current credit cards. I am also about to buy a new car and am trying to figure out if it will be better for me in the future (when I am trying to buy a house) if I get an auto loan or if I just pay the car myself.

    So if I get the minimum car loan, and just pay it off over 2 years, it will cost me around $478 in interest. So, assuming the fact that for like the next 3 or 4 years my credit rating were to remain the same, which would be better for my credit when I try to get a home loan? Is paying almost $500 now (well, over 2 years) to get an auto loans payments/history in my credit report going to benefit me or not?

    If it will get me a lower interest rate on a mortgage I’ll be all for it. If it won’t make a difference, then I probably wouldn’t want to spend the extra $500ish. Anyone happen to know? Thanks!
    I never had any payments on my current car. It was gifted to me by my parents. (It is 23 years old)

    I’ve heard both that having an auto loan can hurt you when you try to get a home loan and that it can help you because you have credit history in multiple areas. (ie. credit cars + loans vs just credit cards) So I’m not really sure which is true or if both are in different circumstances.

  20. Ranae December 23, 2013 at 7:45 am Reply

    I have 2 auto loans. Vehicle 1 is a 2008 loan balance is $10500 with interest rate 6.25 value of the car is around $8000. Monthly payment is $305 and 3 years left. Vehicle 2 is a 2011 loan balance $16500 value of car is $18000.I Interest rate 4.25 with 5 years left. My goal would be to have 1 payment instead of 2. Which vehicle should I trade in for lower monthly payment and payoff quicker?

  21. Kathy February 2, 2014 at 6:21 am Reply

    Can You take out more then one auto loan at a time??

    Like my Fiance took out and auto loan for a 1997 Honda Civic Hatchback. And that was about a little over a month ago. Now can he take out a loan from a different company?
    We want another car for me. i would put it under my name except i dont work, BUT i get 2 forms of Survivor benifits from my father passing away but thats not employment so i dont know how to get a loan.

    And it hasnt showed up in his credit report yet. and we havent taken the car to DMV yet

  22. Loni February 4, 2014 at 10:28 pm Reply

    OK, i’m getting VERY discouraged!! I need some help! I’m applying for an auto loan, my first and i cant seem to get approved! I bought my first home last year with my fiance and its dragging me down (creditwise), They wont approve me because applying by myself somehow make me responsible for the entire house payment…. I would have my other half co-sign but his score is really bad and he has bad payment history… What should i do? My grandma said to try buying a brand new car cause they get anyone into them?! I dont know!!!!! Help!!

  23. Demetrius February 4, 2014 at 11:30 pm Reply

    I’m getting ready to buy my first car, so I know very little about how the process works. I know with an auto loan, I’ll be required to purchase comprehensive and collision coverage. Will I be required to get comprehensive and collision if I get a personal loan and don’t mention it’s for a car? I wouldn’t think so, but I don’t know so. This would be for a cheap (under $2,000) car. I know the importance of good insurance, I just need my monthly bill cheaper until I pay off the loan, which would be around 4 months.

  24. Phung February 12, 2014 at 1:20 am Reply

    How long will it take for me to get an auto loan via the web? I think online lenders have a different time period for approval or something like that. Is that true?

  25. Jessika February 19, 2014 at 11:30 pm Reply

    I’m currently thinking of applying on all three this summer. I have a full-time job but seeking to replace with a part-time job to pay my bills and make room for school. I plan on applying for 2 loans: $10,000 for auto and another $15,000 on student loan. I have limited credit history of 8 months with a credit score ranging from 640-660 maybe even at 680 due to regular payments on my 2 credit card bills. I’ve had my current job for a year and a month but working here won’t get me anywhere that is why I decided to further my career by going back to college. I am also currently applying for my financial aid as a full-time student to help out with school’s tuition and expenses. I could probably deal with $400-500 a month payments for the two loans and I have minimal payments for my living and misc expenses. But would this be a good decision? I need experienced individuals to advice and give suggestions pls. Thank you very much!

  26. Robert February 20, 2014 at 6:46 pm Reply

    We were late on an auto loan payment (first one in 26 months) and so we called and asked them to add the payment to the end of our loan. They wanted $202 this month and $135 next month. Then we would be back on track in December. What happens when you do this? Will it extend our loan by a lot?

  27. Esteban February 20, 2014 at 8:38 pm Reply

    My fiance’s credit score is 575 (ish). He has a mortgage but nothing else currently on his credit. The low score is due to old debt that has since been paid off, student loans, and late mortgage payments. He hasn’t had a late payment in more than 6 months now.

    I have a credit score of about 600 which I have been trying (with no luck) to raise. I currently have a car loan with an awful interest rate, but I have never been late. My credit score is lower due also to old debt that’s been settled and student loans. (Both of us are in grad school currently so our student loans are no longer an issue.)

    We want to finance a new car and we make approx. $111,000 per year with our combined incomes. Will the income be enough to get a good rate on a car loan or should we just hold off until we can save money to buy something out right?

  28. Vince February 20, 2014 at 9:40 pm Reply

    I’m thinking of calling Chrysler Financial and trying to get them to refinance my auto loan. I still owe them about $10000 on a loan for a car that blue books for less than $5000. Since I have no chance in affording any type of new car anytime soon I figured I my as well drag the loan out more and lower my payment to give me extra cash every month. Has anybody worked with them? Do they help you out or will they give me the boot?

  29. Toby February 20, 2014 at 9:44 pm Reply

    I’ve been doing some research on auto loans and was wondering if I could get a second opinion on auto loans. Which is the best company to get an auto loan from? What should one look for when applying for an auto loan? I understand that this question really depends on the individual that is applying for an auto loan and what their story is, although, on average, which is the best?

  30. Richard February 20, 2014 at 10:36 pm Reply

    Can i get a auto loan and use this money to purchase a car and put it under my father’s name? the reason i want to do this its because my father has no credit history but insurance for him is cheapter cuz he is old i’m only 21…am i allowed to do tat?

  31. Joella February 20, 2014 at 11:33 pm Reply

    I’m looking to purchase a truck in August. Trying to keep the loan under 20,000 and payments below $400. My three credit scores are a 688,678,702 and my wife just pulled one credit for of 698. I just rebuilt my credit back up from a 545 over the past two years. Paying for mistakes made while in college and not taking care of credit cards. But I have all that cleared up and haven’t been late on a card for more that 3 years now. Will I be able to go in and get a joint auto loan with my wife?

  32. Dorie February 21, 2014 at 12:25 am Reply

    I am a first time buyer with a credit score of 550, 631 and 640. I have alot of student loan debt, but recently applied for a car loan. The dealer told me that every other lenders need me to have a co-signer. I dont want a co-signer, I am working on my credit history. They asked me for my apartment address and phone number. What are they going to do? verify my address information? dont I need to give them permission to check that first? are they going to inquire about my payment history or just verify that my lease is in my name? Why is it so hard for me to get approved? Is my score really that bad? Any assistance would be greatly appreciated

  33. Cheree February 21, 2014 at 1:25 am Reply

    I just turned twenty two months ago and I’m looking to get an auto loan for $35,000. My Fico scores are 715, 720 and 723, but I only have two credit cards and the oldest is only one year old. Even though I have no bad history and nearly perfect credit scores, will I be able to get approved with such limited credit history and no other previous loans? (I am able to afford a 550-600 monthly payment). Is it worth trying to apply for this loan or should I wait another year when I have more credit to my name?

  34. Leo February 21, 2014 at 1:36 am Reply

    I’m thinking about getting an auto loan for $7500. I only make $700 a month but I don’t have any debt. I’ve had a credit card with capital one since last August that I pay off every month and my credit score is 650. Do you think I’m qualified? I don’t want to be applying for a bunch of different loans if I’m not qualified because I hear that it brings down your credit score temporarily.

  35. Ali February 21, 2014 at 1:41 am Reply

    OK my auto loan was for 33,117.56 at 6.45% Apr for 75 months my payments are 537.89 a month. I have Al ready made 54 payments totaling 29,046.06 plus gave 1,374 to the principle. My balance when I made my last payment was 9062 but I know that number is slightly different from my payoff amount. So can anyone tell me an estimate of my payoff amount if I were to pay my loan. Im thinking it should be around 6,000. I’m taking almost 2 yrs off my loan.

  36. Ethan February 21, 2014 at 1:49 am Reply

    can u get an auto title loan if your still paying off your car?

  37. Gerald February 21, 2014 at 2:16 am Reply

    i want a list of webistes that offer low income auto loans.
    im a college student and desperate…
    please help

  38. Gwyneth February 21, 2014 at 3:30 am Reply

    I need to know the qualifications for getting an auto loan. I am columbus, ohio and have been to several dealers and no luck. My credit score it like 530 and no negatives but haven’t had established credit for 5yrs instead its like 2-3 years. I would like to get a new car soon… Any Advice is helpful Thanks..

  39. Dino February 21, 2014 at 3:41 am Reply

    my credit score went down a bit. i now have a fico score of 735. one of my student loan payments didn’t get paid for 30 days. i hospitalized for 2 months. all my other student loans helped me out, but the one that refused notified the credit company. i had the bill paid in 32 days. i have no other delinquency. i’ve been at my job for 9 months and my salary is 45k a year with 10k raise each year.

    would i qualify for an auto loan of 15k?

  40. Jene February 21, 2014 at 3:54 am Reply

    I’m a college student with great credit (735). I am employed as a private/self tutor, so theres no way I can prove that I legally work. Can I still get an auto loan? with perhaps a co-signer? The amount of loan I need is 3-4K. Any advice that will help me get the loan? Thanks!
    To answer Jeff T: I need the car now. I was involved in a hit and run accident and my car was damaged completely.

  41. Roger February 21, 2014 at 4:07 am Reply

    I have already signed the papers for the auto loan, and the private seller’s bank was already paid by my bank (he owed money). However, I have not turned in the title and proof of insurance, nor have I received the car yet from the seller.

    Is it still possible to cancel my loan without problem at the bank, and my bank will be refunded in full? Thx for any help… 2nd post for this because I really need to know 🙂

  42. Franklin February 21, 2014 at 4:16 am Reply

    My credit score is 548. I don’t expect to get finaced by a car dealership with that low of a score so my question is how high does it need to be to get financed? What if I have a co-signer with excellent credit? I want to make the smallest monthly payment amount possible. So does that require a higher down payment? $200- $400 per month is ideal for me.

    What’s the minimun credit score to get approved auto loan?
    If I get a co-signer with excellent credit what happends then?
    If the car is around $20k how big of a down payment do I need?
    Does a larger down payment make smaller monthly payments?

    ps I’m debt free. and 20 years old. I had an outstanding utility bill that killed my credit. But it’s all paid now. I don’t have any credit cards, and I don’t owe anyone any money.

  43. Valerie February 21, 2014 at 5:35 am Reply

    I want to know if I could condsolidate a student loan with an auto loan?

  44. Rhett February 21, 2014 at 6:17 am Reply

    im trying to get an auto loan right now..
    info about me…
    im 19
    2 major credit cards
    had same job for 1 year now
    make about 25000 a year
    cant get a co-signer (parents have a forclosure, but would that help in any way if they do try and co-sign???)
    i looked up my credit score and my PLUS credit score is ( 708)
    im trying to get a auto loan for 25,000 with 3000 down…
    i been denied buy a few online sites.. i went to a dealer ship to see if i could get my car which was 20,000 and said 0 down, but the only offer i got was i needed 10,000 down AND my apr would be 23% FORGET THAT!!!!!!!!!!
    is it possible for me to get a loan anywhere? 3000, down and looking for 22,000 at the most???
    im living at home working full time and going to skool full time.. deal with my parents were stay in school and i could live at home.. so as of now i only need gas, food,insurence money, and “play” money… i make 2000+ a month so i already worked everything out..
    rough estimate
    gas=160 a month
    food=40 a month
    insurance for the car i want =180 a month.
    phone bill=70 month
    $$ into savings= 200 month..
    so i can well afford up too 500 a month payment but only wanna go up to 450 at the MOST

  45. Forest February 21, 2014 at 6:48 am Reply

    I’m looking to buy a used car within the price range of 1,500-3,000. I’m most likely looking to buy from a privet seller or a ‘buy here pay here’ dealer. I was wondering, since the price range of the kind of car I’m looking for is so low if I should look into car loans, or just take out a general bank loan ahead of time and combine that with the little bit of money I have already saved up to buy this car.

    Also, what does it mean when a car dealership says that they “finance”?

  46. Nolan February 21, 2014 at 6:56 am Reply

    Recently the transmission went out in my husbands truck and the price to fix it is more than the truck is worth. We decided it’s time to buy a new truck, but I’m concerned that we don’t have the credit to finance a $20k truck. I have financed a car before and all of my payments were made on time, and the car is now paid off. I pay all my credit cards (3) off every month, on time. We did have a large amount of debt, but we took out a loan (with a co-signer) to consolidate our debt. What are the chances with I could take out a $20k auto loan with this credit score?
    Oh, I forgot to mention that we would have a down payment between $3k-4k.

  47. Candelaria February 21, 2014 at 7:11 am Reply

    I just got a pre-approval letter from my bank for a used auto loan. Here is what is says in the section I’m not clear on.
    Amount Approved for: $10,000
    Advance: 120%
    Advance Basis: Invoice/Wholesale Trade
    Tax, Title, License: Included in approved amount
    % for Backend products: 20%
    Backend products: in addition to amount approved

    I’m really confused about what a backend product is and what an advance is. Help?

  48. Ngoc February 21, 2014 at 7:27 am Reply

    I’m just out of college and have some bills to pay. I’m hoping not to get in over my head and have been studying auto loans. It’s like playing a bizarre video game sometimes. I’m really hoping to nail things down and am asking if auto loans are a rip off?

  49. Nola February 21, 2014 at 7:36 am Reply

    Will the auto loan JUST pay for the car, or will it pay for dealer doc fees, state registration fees, state sales tax, license plate costs, etc as well? Detailed answers would be greatly appreciated. Thanks guys!
    I have the money to pay for the trivial fees, I was just more curious than anything. Thanks! 🙂

  50. Joellen February 21, 2014 at 7:55 am Reply

    I am currently interested in a pontiac grand prix at a carmax dealership near my home. I have tried to apply for some auto loans but most ask that I make at least 1500 dollars monthly. I make a little bit less than that so i am automatically declined. However I know that I could easily make payment because I do not have any other major bills besides basic food and minor living expenses. I do not even have a monthly rent to pay. I believe that if I talked to a loan rep. that they could understand, or is that out of the question? So according to most applications I should be denied, butin reality I can easily make monthly payments. This may be a silly question. I am a 20 year old 1st time buyer with a limited credit history.

  51. Clelia February 21, 2014 at 7:56 am Reply

    I have been with capital one for almost one year now, with an auto loan. I always schedule my car payment 5-7 days after its due date, I have never gotten a late fee, but with doing this am I paying more interest or something? Am I paying more in the long run? or is it just a way to convenience the consumer? I have been doing this for a year without ny harassment from capital one, but I am a bit paranoid.


  52. Myrl February 21, 2014 at 8:07 am Reply

    I am a first time car buyer and am looking to get a auto loan for a used car for about $10,000 preferable from a private seller. I applied and have been turned down by,, and Lending Tree. I don’t know what’s the best way for me to get a auto loan because this my first time. Should I try banks? I want to buy a used car from a private seller, but if my chances are high on getting a loan from a dealership then I will try that also. I only make about $960 a month because I am a student, 22 years old, and have a part time job. The type of car I am looking for is a used 1994 and up Acura Integra. Because of my age and status I am prepared for a high interest rate. I am just hoping I don’t have to put down a large down payment. Thanks for any info and help.

  53. Willena February 21, 2014 at 8:43 am Reply

    I have a good credit score & am interested in taking out a bank auto loan. The vehicle is a 2004 Jeep Liberty & it’s used – price $13950.00 & I would like to have the longest available loan term. I’ve never taken out an auto loan before & so I don’t know how it works. My first question is what would the total loan amount needed to be taken out likely be (upon approval, of course)? Secondly, what would the estimated monthly payments be? Thirdly, does the vehicle have to be in the loan holder’s name? Finally, does the bank require you to purchase insurance at time of receiving the loan? I’m not sure if anyone can answer these questions without more info, but I appreciate the effort. Thanks!

  54. Tierra February 21, 2014 at 8:59 am Reply

    I’ve paid off all my accounts in collections, and my credit score jumped. I’m a medium risk on Equifax. I need a car and wonder if I should bother trying to get an auto loan.
    well, gonna take my chances. With a credit score of 630. 🙁 No one I know has a good credit score. Thats why I’m trying to make mine look better.

  55. Sarita February 21, 2014 at 9:20 am Reply

    I want an Auto Loan For a Car thats the year is 1990 and the car is only 2500 dollars i cant find one any where
    I’am 17 Just got done High School Had a Job for about 1 year never thought of saving up for a car and i was stupid with my money now all i have saved up is 600 dollars and the Car Dealer Dosen’t Do Monthly Payments so and the car been their for sometime now and i can’t wait until it’s to late going to turn 18 on July 5

  56. Jolene February 21, 2014 at 9:27 am Reply

    Title says it all, what are the requirements for nationwide used car loan? Such as minimum loan amount… As well as if they require it to be bought from a dealer? Thanks

  57. Bruna February 21, 2014 at 10:39 am Reply

    anyone know if there are banks that do not require 1500 monthly income for auto loans?

  58. Jere February 21, 2014 at 11:14 am Reply

    I’ve heard it’s quite tough to make this happen but not impossible, this is when I need educated advice in order to make it work out.
    I’ve never financed a car under my name. I paid for one under my mother’s, but there isn’t really a way to prove that in order for it to fill in the gap as my “first auto loan”
    I was able to work out a deal with a private seller on the exact car that im looking for.
    But in order to make it happen I’m putting $4,000 down and taking a $20,000 private loan out. I find it very affordable, and proving income inst an issue. My credit score Is at 619 mostly because its premature, I’ve never had anything negative on there to bring the score down.
    So here’s the question,

    What are the recommended steps that I should take in order to get an approval from a lender? Do any specific banks specialize in first time buyers in my case?

    Thanks in advance.

  59. Lance February 21, 2014 at 11:56 am Reply

    I had an identity theft and my credit was shot. When I needed to get my first auto loan recently (I had always paid cash) I put a bunch down at a relatively high rate.

    I’d like to get a more expensive car from a private party in about 15-18 months after I pay off my current auto loan (from a dealership) early. What type of FICO score do I need to get an auto loan to buy a car from an individual rather than a dealer? Does a perfect record on my current auto loan count, even if I don’t fix any of my other credit?

  60. Shawn February 21, 2014 at 12:00 pm Reply

    i am 19 yrs old my credit score is a 620….the truck i want is 15,000 i have 5000 for a downpayment and i have a good job…..what are my chances of getting a 10,000 loan?

  61. Emanuel February 21, 2014 at 12:50 pm Reply

    Hi, how much are finance charges (the fee you pay the bank when you take out a loan on a car, not the down payment) typically?
    I live in southern NY, if that affects it.

  62. Mary February 21, 2014 at 1:10 pm Reply

    I have a 724 fico score, but i’ve had a credit account for less than a year (around 10 months) with a $300 credit limit, which i pay off every month, and a pretty good debt to income ratio. mainly i’m worried about the short credit history, would i get approved for an $8000 auto loan?

  63. Horace February 21, 2014 at 1:21 pm Reply

    I want to get an auto loan from a bank such as Bank of America, or any branch of Credit Union. I was wondering what is the difference between getting your own auto loan from the bank, and a loan that a 3rd party (the dealership) get for you?

    Since my brother is going to co-sign my loan, he told me that he want me to pick a car from the dealership and I will cosign it for you, but I won’t cosign the auto loan from the bank. He said it’s two totally different thing. So can someone explain to me the difference?

    Thank you
    Yes, that is what I also thought, the co-signer has the same obligation whether it’s a loan from the auto dealership and an auto loan from a bank.

    My brother think that if I purchase a car from the dealership, they will only need him as a co-signer to get me a better credit rating in order to for the loan to get approve. I think he’s afraid that if I get an auto loan from the bank and can’t make the payment they will take his house.
    So in the end, getting an auto loan from a bank is the same as getting an auto loan from a dealership right? The co-signer has the same responsibility is that correct?

  64. Norman February 21, 2014 at 1:41 pm Reply

    If we surrender the auto back to the credit union in NC who financed it and the spouse is on the loan by himself, can they get a judgement lien on our home mortgage that we owe jointly? Also, can they garnish wages for this type of debt (auto loan)? If they sell it at an auction I realize they will come back to him for the deficiency balance but his name is the only one on the auto and everything else is joint together that we own or shall I say are paying for since we don’t own our home free and clear?

  65. Manie February 21, 2014 at 2:45 pm Reply

    i just need some basic knowledge on loans and apr and all that stuff its like a different lang. so im getting a auto loan for about 20,000 what do i need to know so i dont get effed ???

  66. Rodrick February 21, 2014 at 2:47 pm Reply

    do auto loan officers have permission to give you an auto loan knowing your credit is bad. im talking about the officers in person at your local bank. Like in otherwords” hey, i think your a great guy who has financial stability, who only has about $900 in debt, who is improving their credit, who has 30% down, and who is only asking for $8,000. i think i’ll go ahead and approve this loan” CAN it happen like that?

    this question is basically for experienced loan officers!
    I accumalated bad credit and debt since i was 18. im 23 now and only have about $900 in debt left. because of collections, my credit score dropped to the 400’s. but like i said things are improving and im making about 3,000 per month.

  67. Kip February 21, 2014 at 3:16 pm Reply

    i have a credit score of 678 on transunion and 672 on experian. the problem i have is my equifax score is 622. all the information on all 3 reports is identical, but the scores are insanely different.

    I read that equifax is most commonly used in auto loans and this is going to be a huge problem for me. how can i get an auto lender to pull my report with transunion or experian and not equifax? or how can i find out which lenders only use transunion or experian?

  68. Kecia February 21, 2014 at 3:28 pm Reply

    So just to get the background info.
    I’m 18, have 7 months of credit history with my bank (credit & debit cards) ALWAYS paid on time.

    I applied for an 11,000 car loan a few weeks ago and it came back as “lack of history with bank” (I believe the guy who submitted my auto loan application in the Wells Fargo branch forgot why I was rejected and said that… (Wells Fargo’s website claims you only need to have 6 weeks of history with their bank to get approved).

    I checked my credit score via a service I pay monthly for now. I was at mid 600’s when I had applied for that loan. If I pay off my entire credit card it is guesstimated to hit mid/high 700’s.

    I also recently just got approved for a discover more card.

    Anyways, do you think I’ll be able to get an auto loan for 11,000 if I apply in 2-3 months with a better credit score, 2 months more history, and another credit card with 2 months of history?

    Thanks! (long question I know sorry 🙁 )

  69. Annetta February 21, 2014 at 3:35 pm Reply

    how should i go about finding an auto loan that would have no credit check and have a good payment system? i do not want to get one that would end up hurting me in the end. i was wondering if someone could assist me in finding one that would either be or somewhat have;

    -no credit check
    -no cosigner
    -preferably no employment verification
    -affordable payments

    please help me out,, any advice would be helpful. im a college student who needs a car for this semester and i have no money to purchase one myself and i dont have any parents or guardians that would assist me in this so that’s why i need to find a good loan to get.

    sorry i guess the satan dickhead couldnt read well.. i said PREFERABLY no work exp., all i was wondering is if anyone had any website in mind.. not some lame story.

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